The number of corporate bankruptcies in Japan declined for the 15th successive month on year in October, aided by government credit guarantees for small and medium-sized firms and improved exports, Tokyo Shoko Research said in a report on Tuesday.
According to the research firm, the number of corporate failures declined 9.91 percent from a year earlier to 1,136 registered cases, however liabilities rose for the second time in nine months on year.
The debt involved surged 79.11 percent in the recording period to 520.05 billion yen (6.41 billion U.S. dollars), the firm said, as three major bankruptcies involved debt of more than 50 billion yen (618 million U.S. dollars).
Tokyo Shoko Research reported that out of the 10 industries surveyed in their monthly report, seven sectors saw corporate failures decrease, however the transportation service and real estate industries logged more bankruptcies than a year earlier.
As for agricultural, forestry, fisheries and mining industries, the figures in October remained unchanged.
The research firm cited the yen's persistent strength against the U.S. dollar as a major cause of firms' failures, particularly those reliant on earnings made abroad and stated that between January and October the number of business failures due to the yen 's strength had tripled from 19 a year earlier to 58.
Compared with the previous month, the number of bankruptcies was up 3.08 percent in October, with the liabilities dropping 63.3 percent.
http://news.xinhuanet.com/english2010/business/2010-11/09/c_13598188.htm
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